Europe awaits — a dream vacation brimming with historic destinations or a business trip ripe for a deal. Either way, you don’t want unexpected events to disrupt your travel plans.
Protect your finances from trip cancellations, medical emergencies, or lost luggage with a carefully chosen insurance policy. We’re diving into cheap travel insurance for Europe so you can explore with confidence.
8 Best budget travel insurance for Europe
If you’re looking for value for money, look no further than these eight travel insurance providers.
1. Best for Baggage Protection and Car Rental Insurance: Added Protections with MoneyLion’s WOW Membership
Although not a travel insurance product, you could get added protections with WOW membership. These protections1 include trip delay and cancellation protection, checked/carry-on baggage protection, and car rental insurance, and the membership costs only $9.99/per month.
Your WOW membership also gives you access to other financial benefits like cashback2, access to a Credit Builder loan, and access to an Active Investing account3. You can also get 1% Bitcoin back on crypto buys4. There are no additional monthly fees on any of these products.
| Pros | Cons |
| Trip delay, and trip cancellation protection | You will still need a travel insurance policy for emergency medical |
| Baggage protection and car rental insurance | |
| Cashback | |
| Access to a Credit Builder loan |
2. Best for Adventure Travelers: World Nomads
Basic plan: Standard Plan
Average cost per person: $153
World Nomads offers travel insurance in 140 countries. The Standard Plan provides $5 million in emergency medical insurance and $500,000 for medical evacuation. World Nomads targets adventure travelers, offering coverage for over 200 adventure activities, including scuba diving and skiing.
| Pros | Cons |
| Offers specialized plans like a backpacker insurance policy and long-term trip cover | No Cancel for Any Reason (CFAR) |
| Buy and extend cover on the move | Pre-existing medical conditions are not covered |
| Cover for over 200 adventure activities | |
| 24/7 multilingual assistance |
3. Best for Business Travelers: Allianz Travel Insurance
Basic plan: One Trip Basic Plan
Average cost per person: $275
Allianz Travel Insurance offers travelers a choice of several plans. There are also additional riders, covering items like adventure activities. Add the riders to the insurance to cover all your needs. Allianz Travel Insurance offers specialized travel insurance for business travelers.
| Pros | Cons |
| Frequent traveler plans available | Relatively expensive |
| Includes options for cruises | No CFAR |
| 24/7 multilingual emergency service |
4. Best for Cruises: Trawick International Insurance
Basic plan: Safe Travels Voyager
Average cost per person: $180
Named one of the best travel insurance companies by Forbes Advisor for three running years, Trawick International Insurance has been around since 1998. The company is a full-service insurance company. Choose from several plans, including adventure travel and cruise travel options.
| Pros | Cons |
| Includes adventure and cruise insurance | The budget plan excludes trip delay |
| 24/7 toll-free phone and live chat service | |
| Annual travel insurance for frequent travelers |
5. Best for Medical Emergency Insurance: HTH Worldwide Travel Insurance
Basic plan: Trip Protector Economy
Average cost per person: $212
Offering a choice of three plans, HTH Travel Insurance has been in business for over 20 years. The Trip Protector Economy covers trip cancellation to a value of $5,000. You can use up to $75,000 for medical emergencies and $500,000 for medical evacuation. Claim up to $750 for lost or damaged luggage and $100 for luggage delayed by more than 24 hours.
| Pros | Cons |
| Three available plans | Excludes pre-existing conditions but you can buy a waiver |
| Generous medical emergency and evacuation coverage | No coverage for poor weather delays |
| 24/7 travel assistance |
6. Best for Stand-alone Medical Travel Insurance: Seven Corners Travel Insurance
Basic plan: Trip Protection Basic
Average cost per person: $206
Established in 1993, Seven Corners offers travelers a range of policies from stand-alone medical travel insurance to policies for adventure travelers. You can also get annual trip insurance to save time and money if you plan to travel frequently. Travel insurance plans include missed connection and emergency dental coverage.
| Pros | Cons |
| Insurance plans for multiple trips | Premiums are a little more expensive than some competitors |
| Coverage for adventure activities | 48 hours wait for weather delays |
| Covers an onset of pre-existing conditions |
7. Best for Deductibles: World Trips Atlas Travel Insurance
Basic plan: Economy
Average cost per person: Depends on the deductible
World Trips offers US and non-US citizens highly customizable travel insurance at competitive rates. Choose a plan to suit your pocket by adjusting the size of the deductible. The Economy plan covers all aspects, like trip interruption and delay, medical coverage, and baggage insurance.
| Pros | Cons |
| Offers sports coverage | No extreme sports, though you can upgrade to include adventure sports |
| Extend coverage online or by phone | |
| A choice of deductibles from $0 to $5,000 | |
| Includes options for people over 80 |
8. Best for Value for Money: Berkshire Hathaway
Basic plan: Exact Care Value
Average cost per person: $137
Founded in 2014, Berkshire Hathaway Travel Protection is a well-known brand, known to pay claims five times faster than the industry average. The basic plan covers all your travel insurance needs. Still, the medical insurance is lower than many other travel insurance plans.
| Pros | Cons |
| Special plans for luxury travel, road trips, and adventure activities | Limited medical coverage of $15,000 |
| Budget-friendly | |
| Fast reimbursement |
Do you need travel insurance for Europe?
Using travel insurance is mandatory to enter some European countries. You need a visa to enter the Schengen Area, which consists of 27 European countries. To apply for a Schengen Visa, you must have travel insurance with a minimum coverage of €30,000 for medical expenses.
How much does travel insurance for Europe cost?
Travel insurance costs can vary significantly depending on several factors, including:
- Trip Cost and Duration: Generally, travel insurance costs a percentage of your total trip cost. Costs include flights, accommodation, and pre-paid activities. Longer trips and more expensive vacations will have higher insurance premiums.
- Age of Travelers: Younger travelers pay less than older people. This reflects the lower statistical risk of medical emergencies.
- Number of Travelers: Including more people on your travel insurance plan usually increases the total cost, but not necessarily on a per-person basis. Some plans offer family discounts.
- Plan Type: Basic trip cancellation and interruption coverage will be cheaper than comprehensive plans that include medical expenses, baggage loss, and other benefits.
- Destination: Traveling to regions with higher perceived risks (e.g., political instability) might influence the premium cost compared to popular tourist destinations.
Insurance coverage to consider for your Europe trip
Several types of insurance coverage can bring you peace of mind on your European travels.
Trip delay
Delays can lead to unexpected costs. Trip delay insurance can help offset these costs, offering some financial buffer against the impact of the delay. This insurance kicks in for delays caused by unforeseen circumstances. Your policy should specify the delay circumstances.
There’s usually a minimum waiting period before the insurance provides benefits. This could be anywhere from three to 12 hours, depending on your policy. The insurance will reimburse you for eligible expenses incurred because of the delay.
Trip interruption
You may need trip interruption insurance if you cut your trip short and return home early. Your policy will identify coverage for unforeseen circumstances, like medical emergencies and natural disasters. The insurance typically reimburses you for unused, prepaid trip portions. These may include non-refundable flights, accommodation, and tours. It could also cover additional transportation costs.
Trip cancellation
Trip cancellation insurance reimburses you for prepaid, non-refundable trip costs due to the covered reason for cancellation. This may include flights, accommodation, and activities booked in advance. Cancellation fees charged by airlines, hotels, or tour operators might also be covered.
Baggage delay and loss
It’s disruptive enough to discover that your baggage has been sent thousands of miles on the wrong trip — you don’t need the financial losses that accompany luggage delay or loss. If your checked luggage arrives late, it is usually defined as a minimum delay window, like 4-12 hours. The insurance will reimburse you for essential items you need to buy while you wait for your delayed luggage or replace lost belongings.
Travel medical insurance
Travel medical insurance generally covers costs associated with sudden illnesses, accidents, or injuries requiring medical attention. Medical evacuation is usually also covered. Your insurance should also cover consultations for non-emergency problems as well as essential medications. Some plans exclude pre-existing conditions.
Emergency medical evacuation
In a serious medical emergency, you or your loved ones might prefer receiving care in familiar surroundings with trusted medical professionals back home. Medical evacuation insurance covers the costs of transporting you to your home country for medical care in case of a severe illness or injury.
The insurance kicks in when your medical condition necessitates emergency medical transport back to your home country for further treatment. This decision is usually made by medical professionals in consultation with the insurance company, which organizes and coordinates your transport.
Accidental death and dismemberment insurance
Accidental death and dismemberment (AD&D) insurance provides financial benefits in case of accidental death or permanent disability resulting from an accident.
Safeguard your European holiday
Safeguarding your European adventure with the right travel insurance doesn’t need to be expensive. By exploring the options, you can find a reliable and affordable plan. Peace of mind during your travels is priceless, creating lasting memories in Europe.
FAQ
Can I purchase travel insurance for Europe at the last minute?
Many travel insurance providers allow you to purchase coverage shortly before your trip, sometimes even on the day of departure.
Is travel insurance for Europe valid for all countries in Europe?
If your travel insurance is specifically designed to meet the requirements for a Schengen Visa application, it will cover all Schengen Area countries. Travel insurance plans not designed for Schengen visas may vary in coverage depending on the provider.
Can I extend my travel insurance for Europe while I am abroad?
Most insurance companies will allow you to extend your travel insurance while abroad, but it depends on your provider. Read your policy terms and conditions.
Do I need travel insurance for Europe if I am only going for a short trip?
Yes, you need travel insurance even for short trips. Travel insurance is mandatory in the 27 European Union countries.
Are pre-existing medical conditions covered under travel insurance for Europe?
Many insurance companies exclude treatment for pre-existing conditions. Check your policy terms and conditions to understand what is and isn’t covered.
